DOG vs. USD
DOG (ProShares Short Dow30) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - DOG is a Inverse Equities fund tracking the DJ Industrial Average (-100%), while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, DOG returned -11.12%/yr vs 54.19%/yr for USD. Their -0.64 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
DOG vs. USD - Performance Comparison
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Returns By Period
In the year-to-date period, DOG achieves a -6.75% return, which is significantly lower than USD's 50.25% return. Over the past 10 years, DOG has underperformed USD with an annualized return of -11.12%, while USD has yielded a comparatively higher 54.19% annualized return.
DOG
- 1D
- -0.51%
- 1M
- 1.03%
- 6M
- -5.42%
- YTD
- -6.75%
- 1Y
- -13.86%
- 3Y*
- -7.85%
- 5Y*
- -5.65%
- 10Y*
- -11.12%
- ALL TIME*
- -10.34%
USD
- 1D
- 1.44%
- 1M
- -10.08%
- 6M
- 34.80%
- YTD
- 50.25%
- 1Y
- 92.29%
- 3Y*
- 87.71%
- 5Y*
- 55.02%
- 10Y*
- 54.19%
- ALL TIME*
- 28.07%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $40.27M | $36.96M | $41.35M | |
| $68.86M | $72.62M | $95.81M |
DOG vs. USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DOG ProShares Short Dow30 | -6.75% | -8.40% | -5.62% | -7.05% | 5.67% | -19.21% | -20.45% | -18.43% | 3.55% | -21.51% |
USD ProShares Ultra Semiconductors | 50.25% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 110.37% | -26.88% | 81.72% |
Correlation
The correlation between DOG and USD is -0.40, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.40 |
Correlation (3Y) Balances recent behavior with more history. | -0.42 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.53 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.57 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007 | -0.64 |
Over the past year, the inverse relationship between DOG and USD has weakened: their correlation has moved from -0.64 to -0.40, meaning they move in opposite directions less often than they have historically.
DOG vs. USD - Sectors Allocation Comparison
Sectors
DOG
USD
Financial Services
Basic Materials
-
-
Communication Services
-
-
Consumer Cyclical
-
-
Consumer Defensive
-
-
Energy
-
Healthcare
-
-
Industrials
-
-
Real Estate
-
-
Technology
-
Utilities
-
-
Financial Services
DOG
USD
Basic Materials
DOG
-
USD
-
Communication Services
DOG
-
USD
-
Consumer Cyclical
DOG
-
USD
-
Consumer Defensive
DOG
-
USD
-
Energy
DOG
-
USD
Healthcare
DOG
-
USD
-
Industrials
DOG
-
USD
-
Real Estate
DOG
-
USD
-
Technology
DOG
-
USD
Utilities
DOG
-
USD
-
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Return for Risk
DOG vs. USD — Risk / Return Rank
DOG
USD
DOG vs. USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short Dow30 (DOG) and ProShares Ultra Semiconductors (USD). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| DOG | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.16 | ||
| Sortino ratioReturn per unit of downside risk | -3.10 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.22 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.85 | 2.16 | -3.00 |
| Martin ratioReturn relative to average drawdown | -1.48 | 6.21 | -7.69 |
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Drawdowns
DOG vs. USD - Drawdown Comparison
The maximum DOG drawdown since its inception was -92.90%, roughly equal to the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for DOG and USD.
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Drawdown Indicators
| DOG | USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.90% | -88.63% | -4.27% |
Max Drawdown (1Y)Largest decline over 1 year | -15.02% | -39.33% | +24.31% |
Max Drawdown (3Y)Largest decline over 3 years | -30.86% | -64.46% | +33.60% |
Max Drawdown (5Y)Largest decline over 5 years | -35.93% | -77.85% | +41.92% |
Max Drawdown (10Y)Largest decline over 10 years | -70.07% | -77.85% | +7.78% |
Current DrawdownCurrent decline from peak | -92.81% | -30.59% | -62.22% |
Average DrawdownAverage peak-to-trough decline | -66.59% | -32.23% | -34.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.60% | 13.62% | -5.02% |
Volatility
DOG vs. USD - Volatility Comparison
The current volatility for ProShares Short Dow30 (DOG) is 3.74%, while ProShares Ultra Semiconductors (USD) has a volatility of 28.19%. This indicates that DOG experiences smaller price fluctuations and is considered to be less risky than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DOG | USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.74% | 28.19% | -24.45% |
Volatility (6M)Calculated over the trailing 6-month period | 9.94% | 61.13% | -51.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.59% | 73.80% | -61.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.83% | 78.73% | -63.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.49% | 70.38% | -52.89% |
DOG vs. USD - Expense Ratio Comparison
Both DOG and USD have an expense ratio of 0.95%.
Dividends
DOG vs. USD - Dividend Comparison
DOG's dividend yield for the trailing twelve months is around 3.38%, more than USD's 0.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DOG ProShares Short Dow30 | 3.38% | 3.65% | 5.72% | 4.54% | 0.41% | 0.00% | 0.14% | 1.54% | 0.86% | 0.04% | 0.00% | 0.00% |
USD ProShares Ultra Semiconductors | 0.39% | 0.39% | 0.10% | 0.05% | 0.30% | 0.00% | 0.14% | 0.72% | 0.93% | 0.32% | 0.46% | 0.39% |
Frequently Asked Questions
DOG and USD have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (28.19%) compared to DOG (3.74%). In terms of maximum drawdown, DOG dropped -92.90% vs USD's -88.63%.
On 10-year performance, USD leads with 54.19% vs -11.12% for DOG. Both ETFs have the same 0.95% expense ratio. On volatility, DOG has been the lower-risk option at 3.74%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USD has performed better with a 54.19% return vs -11.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DOG and USD have the same expense ratio: 0.95% per year.
DOG has the higher dividend yield at 3.38%, compared with 0.39% for USD.
DOG is categorized as Inverse Equities, while USD is Leveraged Equities. DOG tracks DJ Industrial Average (-100%), while USD tracks Dow Jones U.S. Semiconductors Index (200%).
USD currently has the higher Sharpe Ratio (1.15 vs -1.01), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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